Within the last two days, DYM, the native cryptocurrency of the innovative blockchain platform Dymension, has surged a staggering 100%. As of writing this story, the Dymension price is trading at $7.90. This massive boost comes amid the Dymension mainnet launch and DYM tokens airdrop worth $390 million.

Why is the Dymension Price Up today?

The Dymension (DYM) price gained another 30% today after facing a minor pullback. It seems that bulls are still very much in control of this rally.

Dymension, termed a modular settlement layer, offers comprehensive tools and infrastructure for effortlessly deploying “rollApps,” a fusion of “rollup,” representing a layer-2 blockchain, and “dApp,” denoting a decentralized application.

With its recent launch, Dymension continues to allure investors with the promise of ongoing airdrops. The platform’s objective is to furnish straightforward solutions for crypto app rollups while ensuring economic viability. Additionally, the Pyth Network has introduced a DYM/USD price feed across over 50 chains, enhancing price visibility and transparency.

Amid the recent Dymention price rally, the token swiftly claimed the 65th position among cryptocurrencies, surpassing well-known meme coins like BONK and gaming tokens such as The Sandbox and Axie Infinity.

It garnered significant attention from the developer community due to its unique proposition of being the inaugural platform enabling developers to establish their own application chains utilizing the Cosmos Interchain technology.

Overcoming Initial Hiccups

Tuesday’s launch of the Dymension blockchain encountered difficulties. Users reported that the blockchain was unable to process transactions for a minimum of five hours. Additionally, some faced challenges adding the blockchain to crypto wallets as RPCs, which direct blockchain data to user wallets, took several minutes to update.

In the initial hours of the network, validators struggled to achieve consensus. Chorus One, a prominent validator, encountered node issues, contributing to the consensus failure. The team acknowledged these challenges in an X post, indicating that their substantial token holdings possibly played a role in the “failed launch.”

As of Wednesday morning, the validator known as “Big Brain Staking” controls more than 35% of staked DYM tokens, drawing scrutiny from DYM holders due to its significant influence over the network. Validators are responsible for maintaining and processing transactions on any blockchain network.

Dymension blockchain has just Airdropped but I don’t like the health statistics. One validator (Big Brain Staking) has 30.88% of the “Voting Power” and there are only 100 out of 165 validators “Active”. Or does it pick just 100 to validate Seems too rounded. $DYM pic.twitter.com/QrSJzOFJ9C

— flyguy.eth (@FlyGuyInTheSky) February 7, 2024

More Upside Left for DYM Token?

Analyst onedigitnumber.eth (@onedigitnumbers) is optimistic about the potential growth of $DYM, suggesting that reaching $10-$12 is feasible. This would represent approximately half of Cosmos’s market capitalization. The analyst anticipates even greater enthusiasm, utilization, and airdrop opportunities compared to Cosmos, potentially propelling prices to $40-60 during a strong bull market.

The post Top Reasons Why Dymension (DYM) Price Gained 100%, More Steam Left? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am